AI's Infrastructure Problem Isn't What You Think
For decades the conversation around AI infrastructure has centered on models, chips, and software. Increasingly, the bottleneck is something far more fundamental and essential: energy.
Earth's existing power grid was not designed for the pace and scale of the current AI era. Across major markets, data centers are already facing years-long waits for grid access as demand for compute accelerates faster than existing energy systems can keep up.
Cowboy Space Corporation's $275M Series B
Today, Cowboy Space Corporation (formerly Aetherflux) announced its $275M Series B to build orbital infrastructure for the AI era. We are honored to participate in this round alongside an amazing group of co-investors: Index Ventures, IVP, Blossom Capital, SAIC, Breakthrough Energy Ventures, Andreessen Horowitz, NEA, and Interlagos. We’re proud that we have been able to support this incredible team since galvanizing and investing in their Series A last year.
Rethinking Energy, Compute, and Space from First Principles
From the beginning, we believed Baiju Bhatt and team were pursuing something much bigger than a traditional space company. They are rethinking the relationship between energy, compute, and space infrastructure from first principles.
Instead of launching hardware into space and relying on Earth’s increasingly constrained power grid, Cowboy’s constellation of satellites, Stampede, is designed to harness abundant solar power directly in orbit to run GPU-powered compute infrastructure.
What makes this especially compelling to us is that Cowboy is not treating launch vehicles and satellites as separate systems. Their approach rethinks the stack: the rocket's upper stage becomes the data center itself, powered by continuous solar energy in Low Earth Orbit.
That approach removes unnecessary hardware and weight, allowing more of the system to be dedicated directly to compute power in Low Earth Orbit. Powered by continuous solar energy, each Stampede launch adds more energy and computing capacity to the network and creates a scalable space-based infrastructure layer.
Physical AI and the Rebuilding of Foundational Industries
This is the kind of "physical AI" infrastructure we believe will define the next decade of ambitious engineering challenges that drive the rebuilding of our most Foundational Industries in the US — those that sit at the intersection of energy, manufacturing, compute, and national competitiveness.
At Construct, we've been investing from the beginning behind the notion that whether it's factories, supply chains, transportation networks, or now the power grid itself, transformative companies are built by founders willing to rethink how complex systems should be purpose built, from the ground up.
Earth's grid can't keep pace with AI. So the team at Cowboy Space Corporation is building a new one.
We’re excited to continue to support their efforts!